CNRL management attributes Q3 2026 earnings growth to higher oil prices and sales volumes
CNQ•Canadian Natural Resources reported third-quarter 2026 net earnings of CAD 3 billion, up from CAD 600 million a year earlier, and adjusted net earnings of CAD 3.43 billion, versus CAD 1.8 billion. Earnings fell from CAD 4.5 billion sequentially.
1. Earnings and production
Management attributed the year-over-year earnings improvement primarily to higher North American crude oil prices and sales volumes, along with stronger synthetic crude pricing. Adjusted earnings rose despite lower oil sands sales volumes, while weaker oil prices and lower oil sands sales volumes contributed to the sequential decline. A planned Horizon turnaround reduced synthetic crude production to 543,089 barrels daily and lifted oil sands production costs to CAD 25.80 per barrel.
